HTC has announced "significant cuts" and slashed jobs after posting a $265 million net loss, with more losses promised for the future. Reuters is reporting that the poor performance has been blamed on the company's One series of flagships that, while accomplished, are losing out to "more fashionable phones" in the market. TechCrunch is saying that HTC is hoping to reverse this trend by turning its attentions to the middle-tier of the market, devices that cost between $300 and $500, parking its tanks squarely on the lawns of Chinese rivals Huawei and Xiaomi.